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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Portugal says to issue 20 bln euros in bonds in 2011 AFP - Thursday, December 30 Send IM Story Print Portugal says to issue 20 bln euros in bonds in 2011 LISBON (AFP) - – Portugal plans to issue about 20 billion euros in bonds next year, including six billion in the first quarter, to satisfy the government's financing needs, the state debt management agency said Wednesday. "The borrowing needs of the central government for 2011, to be met through the gross issuance of medium and long-term debt instruments and short-term net financing, are expected to be around 20 billion euros," the IGCP state debt management agency said in a statement. The amount will be raised mostly through issues of medium- and long-term treasury bonds, which are planned at a level of between 18 and 20 billion euros, it added. Portugal has seen its borrowing costs rise and is considered a potential candidate for an international rescue, of the sort accorded this year to Greece and Ireland, as investors fret over its deficit and debt levels as well as an anaemic growth rate. Ratings agency Fitch last week cut its rating on Portuguese debt a notch to A-plus, citing "deteriorating" near-term economic prospects and a likely recession next year, and Moody's has also put Lisbon on notice for a downgrade. Earlier this month Prime Minister Jose Socrates said his country could still raise funds from the markets despite the eurozone debt crisis. "Portugal has the necessary conditions to go on raising debt in the market," he said in an interview with the Financial Times. "We have had no banking crisis or property bubble. Our only problem was an excessive budget deficit due to the global crisis and we are correcting that." Socrates' government has adopted an austerity measures to push the country's public deficit from an expected 7.3 percent of gross domestic product (GDP) this year to 4.6 percent in 2011. Portugal's debt reached 143 billion euros at the end of this year, or 83.3 percent of GDP. This week yields, or the rate of return for investors, on Portugal's 10-year bonds have risen to higher than 6.5 percent. The yield on comparable German bonds was 2.992 percent on Tuesday. The country has to repay this year 26.5 billion euros in debt coming due, including 19.7 billion before June 15. The IGCP said it planned during the first quarter of next year, depending upon market conditions, to launch a new series of bonds and tap at least four existing series to raise at least six billion euros. The agency added it would announce bond auctions one week in advance. The first short-term debt auction is expected on January 5 with the IGCP planning to raise around 500 million euros in six-month Treasury notes. The 20-billion-euro borrowing target is slightly less than the 20-22 billion euros Portugal planned to raise in 2010. According to calculations of a bank analyst cited by Dow Jones Newswires, Lisbon in fact raised 21.4 billion euros in 2010. Recommend Send IM Story Print News Search Top Stories Bolivians to march against fuel price hike Brazil's Petrobras confirms big oil find Deadline looms for Billy the Kid pardon French model known for anti-anorexia ads dies Portugal says to issue 20 bln euros in bonds in 2011 More Top Stories » ADVERTISEMENT Most Popular Most Viewed World's oldest human remains claimed in Israel Reese Witherspoon engaged to Hollywood agent Elton John and partner become parents: report Shredding bad bits of 2010 is best revenge PepsiCo's Russia deal wins Putin's blessing More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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